City of Cambridge Housing Market 2024: A Year in Review
Jan. 22, 25 | Market Updates
As we reflect back on 2024, the housing market in the City of Cambridge has demonstrated resilience amidst evolving economic conditions.
Let’s dive into key metrics — Average List Price, Sale Price, Days on Market, and Inventory levels — and compare them to the previous year to provide a comprehensive overview.
Average Sale Prices
In 2024, the average sale price for a single detached home in Cambridge was $834,558, representing a 2.6% decrease from 2023, but nearly 28% since 2020 when the average house was selling for around $652,207.
This upward trend indicates sustained demand and confidence in our local real estate market.
Average Days on Market (DOM)
Homes in 2024 spent an average of 21 days on the market, up from 17 days in 2023.
This slight increase suggests a modest shift towards longer selling periods, potentially offering buyers more time for decision-making.
Months of Inventory
The city maintained approximately 2 months of inventory throughout 2024, relatively consistent with 2023 levels. This low inventory continues to favor sellers, contributing to competitive market conditions.
Sales Volume
In 2024, there were 1,082 single detached homes sold through the Multiple Listing Service® (MLS®) System, marking a 0.5% increase compared to 2023. However, this figure represents an 31% decline since 2020 when there were 1,564 homes sold which reflects a broader trend of reduced sales activity.
Market Comparison and Trends
When compared to the five-year average, the decrease in sales volume suggests a cooling trend, possibly influenced by factors such as interest rate fluctuations and economic uncertainties. Despite this, the increase in average sale prices indicates that property values have remained robust, underscoring the resilience of the City of Cambridge’s housing market.
While sales volumes are low, the rise in average sale prices and sustained low inventory levels highlight a market that continues to favor sellers. For buyers and sellers navigating this dynamic landscape, staying informed and consulting with a local real estate professional can provide valuable insights tailored to individual circumstances.
If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation. All you have to do, is reach out by filling out the form below and we can chat more over coffee. And be sure to follow me on Facebook or Instagram for all the behind the scene and up to the minute news.
